Expertise Beyond the Numbers

Reporting Requirements for Foreign Financial Assets

U.S. individual taxpayers must report information about certain foreign financial assets and offshore accounts. While these lesser known filing requirements have been around for years, many Americans remain unaware of the rules and the potential penalties that could be assessed for non-compliance.

In this issue of Financial Perspectives, we explore:

Reporting requirements for foreign financial assets

Additional reporting requirements associated with ownership in specified foreign assets as a result of FATCA

The potential penalties associated with these reporting requirements if individuals fail to comply